News

Soaring Condo Project Coming to Long Island City
Posted: August 3, 2018

Soaring Condo Project Coming to Long Island City

https://www.wsj.com/articles/soaring-condo-project-coming-to-long-island...

Queens neighborhood has seen surge of residential development in the last decade
By Keiko Morris 
Updated July 8, 2018 3:51 p.m. ET 

A venture planning to develop a soaring condominium tower in Long Island City, Queens, has scored a $502 million construction loan for the 802-apartment project that will test demand in this relatively new condo market.

A group of banks—led by JPMorgan Chase & Co.—made the loan at the end of June to the venture led by Queens-based developer Chris Xu, according to Meridian Capital Group, the firm that brokered the financing. The group began foundation work on the 67-story tower at 23-14 44th Drive late last year.

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Chris Xu sells Flushing waterfront parcel for $45M
Posted: March 28, 2018

Chris Xu sells Flushing waterfront parcel for...

Developer had paid $100 million for full 4-acre site. Chris Xu and a rendering of River Park Place (Credit: Ismael Levya). UPDATED, 3:12 p.m., Dec. 7: Prolific Queens developer Chris “Jiashu” Xu has sold off part of a Flushing assemblage he bought last year.

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Developer of Queen’s Tallest Building Buys Two LIC Buildings For Personal Office Space
Posted: July 17, 2016

Developer of Queen’s Tallest Building Buys...

Brian Pun, the developer of the tallest building in Queens, has bought two buildings for $10.2 million in Long Island City, Queens, according to a press release from Marcus & Millichap.

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TRADED: Brian Pun of FSA Plaza buys two LIC Buildings from Arkady Sheynin of Gold Seal Limo for $10.17 million – 2-23 Borden Avenue & 2-24 51st Avenue
Posted: July 16, 2016

TRADED: Brian Pun of FSA Plaza buys two LIC...

2-23 Borden Avenue & 2-24 51st Avenue were just sold to Brian Pun, whom with Chris Xu is developing the tallest building in Queens. The two adjacent lots in Long Island City, Queens, sold for $10,170,000 according public record and a press release from Marcus & Millichap who represented the seller.

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Pension Funds Nab LIC Site for $20M in First Real Estate Investment
Posted: July 14, 2016

Pension Funds Nab LIC Site for $20M in First...

Teamsters Local 813’s pension fund and Local 27 IBT Pension Fund are getting into the real estate game as investors for the first time, Commercial Observer has learned.

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